Moody's cuts Wendy's

Moody's Investors Service said it downgraded Wendy's Co.'s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and senior unsecured notes to Caa2 from Caa1.

"The downgrade reflects the expectation for a material deterioration in earnings, cash flow and credit metrics that are driven by the restrictions and closures across Wendy's restaurant base due to efforts to contain the spread of the coronavirus," stated Bill Fahy, a Moody's senior credit officer, in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.